Wells Fargo & Co.'s Rural Community Insurance Co. became the largest writer of crop insurance in the U.S. in 2013, according to a study by SNL, hiking its market share 5% to pass ACE Ltd. as the largest writer of crop insurance in terms of direct premiums written.
The entire category grew only to $11.659 billion in premiums in 2013 from $11.396 billion in 2012, but the category is expected to grow because in the farm bill Congress appears to be switching its efforts in subsidizing the farm industry from direct supports to insurance, according to SNL data.
Wells Fargo's market share rose because Allianz exited the direct premium business and involved itself in the crop business only through reinsurance through its Firemen's Fund unit. The SNLreport said Allianz SE's Fireman's Fund Insurance Co. fell out of SNL's crop insurance market share rankings in 2013 after ranking fifth in 2012.
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